This. I'm in the 50-100K income bracket myself, and $500 is more or less my hard max for a suit purchase (that doesn't count tailoring expenses into the actual cost, which can quickly add up), and this is coming from someone who values good clothes and is not one inclined to expensive habits. I think spending in excess of 1% of your yearly salary on a suit could be trouble from a financial perspective, especially if you need more than a few.

I think your 1% rule is a good one. In the past I've generally budgeted to spend no more than 5% of my gross income (before commissions and bonuses) on clothing per year, total. I was in a fairly unusual situation, though - dual income, no kids, no debt, cheap rent. We've recently purchased a condo, so my new budget is no more than 0% of my gross income

Lets say someone makes $60k, so $5k a month. Take out taxes, a little for health insurance and some 401(k), and you're basically in the $3,500 take home. I consider once in a while to be about twice a year. Thats near as makes no difference, 2 whole months salary on 2 suits.

no.

I really feel like anyone who could make such a statement is either very young (college age or lower) and has no real concept of real-world costs of living, or they are of such substantial means that they have no real concept of real-world costs of living. You'll notice a common theme.

If you make $50k and have multiple $3k suits, you'll be the most dapper gentleman sitting at home eating Ramen noodles.

That's probably more representative, although my MD who is on more than $1m wears M&S suits costing about $500. I'd say your interest in MC would be as much of a factor on how much you spend when you get past about $100k than your salary.

Good to see another finance guy.

I was about to say, there is a ton of subjectivity inherent to this discussion. For what it's worth, that first set of figures was absurd, You're not spending a month's take-home pay on a suit realistically. That's absurd. I'd also argue that there's going to be a steepening of the curve the farther along the income axis you get: someone who makes any amount in six figures a year probably isn't going to get that different a suit from someone anywhere else in six figures. Over seven figures, people are probably far more inclined to spend more on what the hell ever they want with distinctly less regard to cost, whereas when you're in the five figure income range, you're weighing the opportunity cost of all your purchases far more seriously.

I don't doubt your response but I thought the OP was trying to get a feel for what people of various salary levels could afford, as opposed to what they actually spent.

Most men today spend very little on suits as they are no longer required to wear them, and don't care to get dressed up anymore.

Perhaps the OP can chime in here and clarify the original intent of the thread?

I am a little surprised by the intense discussion here. I noted a lot of the discussions thus far focus heavily on the ‘opportunity cost’ of the suit/personal preferences. Perhaps I need to clarify my initial intention on posting the question…Indeed, I just want to get a feel for what people of various salary levels could afford…that said, I am assuming that for those people who are currently earning similar salary will have similar demand (in terms of the quality of the suit). To me, it doesn’t make sense to get a really nice/expensive suit if no one around you knows how to appreciate a nice/expensive suit (I know a lot of people might disagree!). Anyhow, I do believe that it is nice to get 1 or 2 Chan suit (around 2k) for formal occasions…

It is for my business. The bankers seem scared shitless of spending money on clothes in particular. I have to be sneaked into HSBC, Lazard, ICAP and Deutsche. They also seem too busy to set up appointments often.

I wish it wasn't so of course, could do with some Gordon Geko style clients. The 80s one not the new one. I mean they made a big deal of him buying three pairs of Crockett and Jones in money never sleeps.

I'm in the $50K-$100K bucket, with no kids, and I would never dream of spending $3K on a suit. And I'm on SF, so imagine most of the population out there that isn't on here...no chance they are spending anywhere near that amount if they're in the same bucket as me. However, I will spend $600 on cordovan shoes, so I guess it's all relative and depends where your priorities are. I wear shoes (every day, duh) a lot more than I wear suits (maybe once or twice a month), so I'm willing to spend a larger % of my income on purchases that really matter to me.

I'm still doing $500 suits and $200 shoes. I rather spend more money dining out among company of friends.

Lets say someone makes $60k, so $5k a month. Take out taxes, a little for health insurance and some 401(k), and you're basically in the $3,500 take home. I consider once in a while to be about twice a year. Thats near as makes no difference, 2 whole months salary on 2 suits.

no.

i'd be surprised if you could take home even that much per month. totally agree with the sentiment though, i'm in the upper 50k-100k bracket and have trouble justifying >1k on a suit. at my level, 1k is about the mental threshold where I need to question how much I really need something.

Getting off topic, but not sure how you could be spending more than that amount regularly on suits while simultaneously planning for retirement.Edited by mrclam - 8/29/11 at 8:51pm

The shopping logic of SF is so vastly separated from the average American that comparing the two borders on absurdity.

Most Americans suits will be bought at a major lower-mid level mass market department store (Penney's, Macys's, Dillard's, Lord & Taylor, and Nordstrom). At the top (for most) is Brooks Brothers, probably at the $1500 price point. Beyond that, you're dealing with a clientele that would be statistically irrelevant if they weren't quite wealthy.

When I bought my first suit, my mother offered to pay and wanted "a good one." After looking at price and quality, she choked up $800 for a Burberry. A professional with a master's degree grudgingly was willing to pay $800-1000...or 1.25% of her yearly salary. One begins to do a cost-benefit analysis...ie..."Will I really get 'more' out of this $2000 suit than I will out of the $750 one? Both are Italian, fit me like a glove, and are wool." Take a guess which one wins.